Changpeng Zhao (CZ) publicly dismissed a circulating claim that BlackRock filed an S-1 for an “iShares Staked Aster Trust ETF.” The false document surfaced alongside heavy market moves in the ASTER token after CZ disclosed a personal purchase, underscoring how misinformation and influencer activity can trigger rapid price swings in crypto markets.
This episode unfolded as a photoshopped S-1 leveraged the timing of a genuine filing for an iShares Staked Ethereum Trust ETF to appear credible, prompting quick scrutiny from analysts and on-chain observers. Their reviews, and CZ’s response, focused attention on verification through official SEC records.
A photoshopped image portraying an SEC Form S-1 for an “iShares Staked Aster Trust ETF” spread across social media, leveraging the timing of a genuine S-1 filing for an iShares Staked Ethereum Trust ETF to appear credible. Analysts and on-chain observers identified formatting errors and confirmed there was no matching filing in the SEC’s public database. CZ dismissed the image on December 9, 2025, posting on X: “Fake. Even big KOLs get fooled once in a while. Aster doesn’t need these fake photoshopped pics to grow. 😂”
An S-1 is the U.S. Securities and Exchange Commission registration form that companies use to register securities for public sale. The fabricated S-1 claim created an appearance of institutional endorsement that did not exist, highlighting the risk of relying on unverified documents in fast-moving markets.
Market reaction and short-selling pressure on ASTER
CZ’s disclosure of a personal acquisition — approximately 2.09 million ASTER tokens, valued at about $2 million — in early November 2025 preceded a dramatic market response. The purchase initially boosted ASTER prices by 20–35%, contributing to a reported 1,500% rally over a single week and briefly lifting the token’s market capitalization above $2.3 billion. The advance generated intense speculative activity and drew leveraged trading interest, amplifying short-term volatility.
The subsequent reversal saw ASTER fall around 20–22%. A single anonymous trader, labeled the “Anti-CZ Whale,” executed large short positions against ASTER and saw significant unrealized gains during the drop — reported at over $21 million — with some short notional exposure cited near $52.5 million.
That trader’s broader short book across multiple altcoins was described as approaching $100 million in profit at one point, though fluctuations erased substantial gains over a short interval, with reports of roughly $61 million in profits disappearing within ten days. These movements illustrate how concentrated short positions can intensify market swings after high-profile buys.
The episode shows how fabricated institutional signals can interact with celebrity trading to produce outsized market moves, and how swift debunking by market participants can deflate speculative narratives. For investors and compliance teams the immediate milestone to monitor is any verified regulatory filing or an official statement from the asset manager; absent that, due diligence should prioritize on-chain verification and established regulatory records.
